Sheehan & Company

Sheehan & Company Sheehan & Co. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise.

Sheehan & Company, CPA, PC helps clients solve difficult financial, tax and audit problems and increase profitability by working as their Accounting partner in all financial matters through a long-term relationship. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise at reasonable, Long Island prices. Our focus is sol

ely on the measurable, continuous success of our clients. We retain clients because of exceptional partner involvement, timely service, and operational excellence driven by old fashioned core values of integrity, quality, professionalism and proactive involvement in our clients’ lives and businesses. culture is described by our employees as family-oriented and focused as much on the development of the professional as we are on the developmental success of the client. Leadership is every employee’s responsibility and we expect our people to be leaders in the profession and the community. We care at the heart about the personal relationships we form with each client and how they interact with their advisors to receive expert industry specific guidance in solving problems and increasing profitability. We believe the “client experience” matters.

A successful capital campaign starts well before your nonprofit announces its fundraising goal. Build a strong leadershi...
09/02/2026

A successful capital campaign starts well before your nonprofit announces its fundraising goal. Build a strong leadership team, develop a broad pool of prospective donors and prioritize major-gift prospects who can help create early momentum. During the quiet phase, organizations often aim to secure 50% to 60% of their campaign goal before expanding outreach. Just as important, carefully assess whether your fundraising goal is financially realistic and, if so, craft a compelling case for support that emphasizes community impact. Contact us to discuss the financial considerations of a capital campaign and whether your organization is ready to move forward.

Please join us in congratulating Nicole Renelle on her promotion to Accountant II! 🎉Nicole earned her MBA from St. Josep...
09/01/2026

Please join us in congratulating Nicole Renelle on her promotion to Accountant II! 🎉

Nicole earned her MBA from St. Joseph’s University in May 2024 and joined Sheehan & Company as an intern in 2022. Since then, she’s built a strong foundation in tax, client accounting services, and assurance, supporting a diverse range of nonprofit and closely held business clients. Nicole is currently pursuing her CPA license.

Congratulations, Nicole — well deserved!

Occupational fraud perpetrated by owners and senior executives can be particularly costly for businesses because these i...
09/01/2026

Occupational fraud perpetrated by owners and senior executives can be particularly costly for businesses because these individuals usually have greater authority to override internal controls. To reduce fraud risk, familiarize yourself with the three sides of the “fraud triangle”: pressure, opportunity and rationalization. These factors generally enable fraud. Also establish strong controls and policies that prevent owners and executives from overriding them. And offer an anonymous tipline or web portal so that workers can report suspicions without fear of retribution. Contact us for help assessing controls and investigating incidents.

Accurate bookkeeping starts with understanding how debits and credits work. Under double-entry accounting, total debits ...
08/31/2026

Accurate bookkeeping starts with understanding how debits and credits work. Under double-entry accounting, total debits must equal total credits. Assets, liabilities, equity, revenue and expenses each follow specific debit and credit rules. These entries ultimately flow into your business’s balance sheet, income statement and statement of cash flows. Accounting software can automate many bookkeeping tasks, but it can’t always determine how to record and classify transactions properly. If you have bookkeeping questions, contact us. We can help you maintain accurate, up-to-date financial records and produce reliable financial statements.

Could your traditional 401(k) or IRA balance be too large? Maybe! Contributing as much as you can to tax-deferred retire...
08/30/2026

Could your traditional 401(k) or IRA balance be too large? Maybe!

Contributing as much as you can to tax-deferred retirement accounts can be a good idea. Contributions are pretax or deductible, and tax-deferred compounding can turbocharge growth.

But sometimes maximizing tax deferral is counterproductive. This may be true if tax rates increase by the time you pay tax on distributions. Also, retirement plan distributions are taxed at your ordinary-income rate, not your long-term capital gains rate. So you may pay a higher tax rate on dividends and growth than you would if you held the investments in a taxable account.

Fortunately, there are strategies that can help. Contact us to learn more.

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and pla...
08/29/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death...
08/28/2026

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due on April 15 of the following calendar year unless the executor requests an extension. A surviving spouse generally can file a joint return with the deceased spouse for that year. Often, filing jointly provides tax savings, including a lower tax rate and larger deductions and credits. But filing separately sometimes may produce a better result because of the couple’s particular mix of income, deductions and other tax attributes. Contact us for more information.

Celebrating Red, White & Blue Day with the Sheehan & Company team! It’s always a great day when we get to show a little ...
08/27/2026

Celebrating Red, White & Blue Day with the Sheehan & Company team! It’s always a great day when we get to show a little extra patriotic spirit together. 🇺🇸

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s inc...
08/27/2026

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings. But in some cases, income taxes can take a bite out of disability benefits.

Taxability usually hinges on who paid the premiums. If your employer paid them, the payouts from the policy generally will be taxed to you just as if the income were paid directly to you by your employer. If you paid the premiums, the payments you receive generally won’t be taxable. State tax treatment of disability benefits varies.

We can help you assess how much disability coverage you need depending on the tax consequences and other factors.

Cultivating relationships with major philanthropists begins long before the ask. Start by understanding how affluent don...
08/26/2026

Cultivating relationships with major philanthropists begins long before the ask. Start by understanding how affluent donors make giving decisions and strengthening your relationships with their professional advisors. Then use targeted outreach to clearly communicate your organization’s impact and demonstrate sound financial stewardship. Doing this work upfront can better position your nonprofit to receive transformative, mission-advancing gifts. Contact us to learn how strong financial management and reporting can enhance your credibility with major donors and help support your long-term fundraising success.

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165 Orinoco Drive
Brightwaters, NY
11718

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Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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